updated 06:37 pm EDT, Sat May 4, 2013

Nexus 4 successor reportedly in the works

Google may be working with South Korean electronics manufacturer LG in order to develop a follow-up to last year's Nexus 4 handset. The rumored handset could be a retooling of the existing device, as was reported last month, but it may in fact be a new and distinct Nexus phone. The two companies are said to be discussing how they can further collaborate going forward.

Sources tellThe Korea Times that Google founder Larry Page recently met with LG CEO Koo Bon-joon, and that the two discussed ways to improve their business partnership. Those same sources say that the two are already collaborating on a Nexus 4 follow-up. LG may also be looking to work with Google further on smart televisions and wearable computing like Google Glass.

The original Nexus 4 debuted to rapid sellouts, with Google running out of stock within half an hour. Scarce supplies of the device were driven due to its pricing and consumer demand in part, but also in large part due to Google and LG overselling the handset, not having nearly enough models on hand to meet even light demand.

A deeper partnership between Google and LG could be beneficial for both companies due to the growing influence of Samsung in the Android smartphone market. The number one smartphone manufacturer in the world, Samsung dominates the Android handset segment, a fact that Google executives are rumored to be uncomfortable about.

From LG's end, the partnership would help it regain ground against its major competitor and to grow its own business at the same time. LG and Samsung compete not only in device sales, but also component sales to other device manufacturers.